Vitruvian collects £1bn for second fund

Alice Murray
05 December 2013

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Vitruvian Partners has closed its second fund on ТЃ1bn, well above its initial ТЃ800m target.

It is understood Vitruvian began the marketing process for Vitruvian Investment Partnership II (VIP II) in the second quarter of this year.

The new vehicle is slightly larger than its predecessor and debut fund, Vitruvian Investment Partnership, which closed on €925m in March 2008. Investors in its previous fund include Alpinvest Partners, Bank of Scotland, Harvard Management Company and MT Investment Management Company, according to unquote" data.

Notable transactions from its maiden fund include the backing of online food delivery service Just-Eat, which is understood to be gearing up for an IPO. More recently, it supported the carve-out of offshore investment company Royal London 360.

Investors
VIP II received commitments from existing and new investors, comprising state and corporate pension funds, sovereign wealth funds, funds-of-funds, endowments and foundations. Investors hailed from Europe, the US, the Middle East and Australasia.

Investments
The fund will continue to deploy the investment strategy used in its first fund; targeting growing companies in northern Europe operating within industries undergoing change.

Vitruvian will look at opportunities in the business services, information technology, media, telecoms, financial services and healthcare sectors. The fund will target investments of £25-125m in companies with enterprise values of between £40-250m.

People
Mike Risman is one of the managing partners and founders of Vitruvian. The GP was established in August 2006 by former Apax manager Toby Wyles along with two other former Apax partners, Risman and David Nahama; BC Partners executive Ian Riley; and a previous CFO of Bridgepoint, Mark Harford. The five partners are all responsible for managing the fund.